Anantam International SPC Fund - 6 SP

  • Politicians show little appetite for cutting spending, as seen with the recent “Big Beautiful Bill” (BBB). While many expected the U.S. to reduce spending and the rest of the world to increase it, the reality is that U.S. spending remains high. This means bond market volatility will continue, and yield curve control may be introduced, forcing banks, pensions, and financial institutions to fund government debt.
  • Given this, investors should consider selling bonds and shifting to assets with limited supply growth, as government paper supply will likely rise rapidly. It’s wise to take profits on assets that have surged quickly, even though markets may continue to move fast due to the democratization of information.
  • The best strategy now is to invest in undervalued or overlooked markets and sectors—like China, Argentina, Uranium last year, or silver miners' platinum, Agri commodities or India earlier this year—before they attract widespread attention. This cautious approach can help protect gains and position portfolios for future opportunities amid uncertain fiscal policies and market volatility.

Investor Update | May 2025

The Tomorrow – India
  • India's unique position as a large, rapidly growing economy with a vibrant democracy, political stability, and a favorable demographic profile, positioning it at a strategic inflection point
  • We believe India is in a sweet spot for the next 10 years. While short-term setbacks and periods of slow growth are inevitable, India’s rise may also trigger low-intensity regional tensions—history shows that no great power has risen without friction.

Themes in Focus

When The Music Stops: The Twilight of US Financial Exceptionalism
  • The twin pillars of U.S. exceptionalism—an ever-appreciating dollar and consistently outperforming equity markets—now appear to be nearing their limits
  • As capital flows shift away from the United States, global markets are poised to benefit from increased liquidity. Pension funds, sovereign wealth funds, hedge funds, and passive investors will be compelled to seek new opportunities
The War Game
  • We at Pinetree continue to believe defence is going to be a big theme globally in the coming decade.
  • Our conviction in Indian Defence Theme has gone up post Operation Sindoor.

Investment Objective

To provide with income generation and capital appreciation through investments in equities, bonds and other related securities of emerging and developed markets. This objective is to be achieved by investing in debt, quasi equity (including convertible bonds, warrants, etc.) and equity shares, both listed and unlisted in, developed, emerging and frontier markets.

Particulars Remarks
Minimum Investment $100,000
Minimum top up $1,000 and multiples thereof
Subscription Monthly last day of each month
Redemption Monthly, subject to at least 15 calendar days of notice
Redemption Free/ Exit Load 1% on AUM up to 1 year from the investment date.
Management Fee 1% per annum charged monthly on daily average AUM
Performance Fee 15% performance fee over hurdle of 7% (subject to high water mark)
Operating Fee On Actuals, capped at 0.5%p.a. on AUM
Hurdle Rate 7%
Fund Name Anantam International SPC Fund - 6 SP
Investment Manager Arpana Investment Management (Bermuda)
Auditor Forvis Mazars
Administrator Ohm Dovetail Global Admin (IFSC) Pvt Ltd

Benchmark Construction

Benchmark is a blend of Vanguard total world stock Index ETF (VT) - 34%, Vanguard total bond market ETF (BND) - 33% & VanEck Inflation Allocation ETF (RAAX) – 33%. ETFs are chosen for the benchmark to reflect the diversified nature of the underlying portfolio. Peers in the space typically use a 60:40 combination of MSCI World stock Index and Bloomberg global bond Index as benchmark.

The reason for including real asset as a part of benchmark - As early sings of multi polar currency world emerges, the efficiency of supply chains will be challenged pushing the cost of procurement upwards. As developed economies struggle through the massive debt burden creating an overhang on fiscal & monetary policies; real asset owners like commodity producers, efficient commodity procurers may emerge as winners. Inclusion of real assets in the Benchmark has increased the challenge for the fund as hard commodities act as inflation hedge.